Question 1

GPI is an acronym for .

Accepted Answer

A)  Gas Price Index 
B)  Good Parent Index 
C)  Global Price Indicator 
D)  Genuine Progress Indicator 
A)  Gas Price Index 
B)  Good Parent Index 
C)  Global Price Indicator 
D)  Genuine Progress Indicator D

Question 2

Which of the following is a tenet of conventional economic theory?

Accepted Answer

A)  Externalities are valuable. 
B)  Resources are finite. 
C)  Growth is good. 
D)  Long- term effects and planning are important. 
A)  Externalities are valuable. 
B)  Resources are finite. 
C)  Growth is good. 
D)  Long- term effects and planning are important. C

Question 3

The GDP includes all of the following in its measures of economic growth except .

Accepted Answer

A)  the income from the sales of goods abroad 
B)  human well- being 
C)  medical costs 
D)  the costs of replacing outdated equipment used on farms and in industrial manufacturing 
A)  the income from the sales of goods abroad 
B)  human well- being 
C)  medical costs 
D)  the costs of replacing outdated equipment used on farms and in industrial manufacturing B

Question 4

Mahogany is a tree found in the tropical rain forests of Central and South America. Mahogany lumber is prized for its beauty, durability, and color. Overharvesting of mahogany has led to the tree being classified as threatened, and there are international laws banning its harvest and trade. Although an anthropocentrist, biocentrist, and ecocentrist might all agree that it is important to protect mahogany trees, they would disagree on the reasons for doing so. Explain how they would differ in their reasoning.

Accepted Answer

An anthropocentrist would focus on the v

Question 5

-This graph illustrates .

Accepted Answer

A)  how price dictates the supply of and demand for a product or service 
B)  how the supply of a product or service dictates demand for it 
C)  how supply and demand dictate the price of a product or service 
D)  how the demand for a product dictates its price 
A)  how price dictates the supply of and demand for a product or service 
B)  how the supply of a product or service dictates demand for it 
C)  how supply and demand dictate the price of a product or service 
D)  how the demand for a product dictates its price

Question 6

Read the following scenario, and answer the questions below.
As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil (which would take 1 year to extract) is estimated to be worth $10 million in today's market.
-What is the term for the economic practice that you are being asked to do by assessing present versus future value of the resource?

Accepted Answer

A)  Temporal market valuation 
B)  Discounting 
C)  Cost/benefit analysis 
D)  Resource rating 
A)  Temporal market valuation 
B)  Discounting 
C)  Cost/benefit analysis 
D)  Resource rating

Question 7

Rocky Mountain National Park is one of the most visited national parks in the United States. Economic consideration of the value of the park would include consideration of the tourism created by the existence of the park. The value of this kind of tourism would be considered a(n) value of the park.

Accepted Answer

A)  existence 
B)  direct use 
C)  indirect use 
D)  option 
A)  existence 
B)  direct use 
C)  indirect use 
D)  option

Question 8

Describe how the laws of supply and demand combine to dictate the price of a product.

Accepted Answer

The law of supply dictates that profit o

Question 9

Read the following scenario, and answer the questions below.
As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil (which would take 1 year to extract) is estimated to be worth $10 million in today's market.
-Environmental ethics .

Accepted Answer

A)  is the study of the economic value of all living things in their environment 
B)  is the extrinsic value placed on people, organisms, and objects in the environment 
C)  are the rules and values humans use to guide environmental decisions 
D)  are the actions taken by humans in the environment in which they live 
A)  is the study of the economic value of all living things in their environment 
B)  is the extrinsic value placed on people, organisms, and objects in the environment 
C)  are the rules and values humans use to guide environmental decisions 
D)  are the actions taken by humans in the environment in which they live

Question 10

Read the following scenario, and answer the questions below.
As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil (which would take 1 year to extract) is estimated to be worth $10 million in today's market.
-Someone with a(n) _ _ perspective might argue that the loss of wildlife that results from DDT contamination is ethically defensible because of the human lives saved by using DDT to kill the insects that spread disease.

Accepted Answer

A)  utilitarianism 
B)  deontological 
C)  ecocentrism 
D)  biocentrism 
A)  utilitarianism 
B)  deontological 
C)  ecocentrism 
D)  biocentrism

Question 11

Discount rates are used to determine the .

Accepted Answer

A)  intrinsic value of renewable resources 
B)  aesthetic value of natural assets 
C)  current value of an asset based on future value 
D)  future value of an asset 
A)  intrinsic value of renewable resources 
B)  aesthetic value of natural assets 
C)  current value of an asset based on future value 
D)  future value of an asset

Question 12

Read the following scenario, and answer the questions below.
As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil (which would take 1 year to extract) is estimated to be worth $10 million in today's market.
-You are asked to advise whether to immediately begin extracting the oil or wait 5 years to begin extraction. If the annual interest rate is 5%, at least how much would the oil have to be worth in the future market for you to advise waiting 5 years to begin extraction? Assume that you are asked to base your recommendation solely on the money earned.

Accepted Answer

A)  Approximately $20 million 
B)  Approximately $10.5 million 
C)  Approximately $13 million 
D)  Approximately $12 million 
A)  Approximately $20 million 
B)  Approximately $10.5 million 
C)  Approximately $13 million 
D)  Approximately $12 million

Question 13

-Examine the trends in the GDP and GPI. The GPI has remained fairly level because of .

Accepted Answer

A)  increased education, better social programs, and overall reductions in crime 
B)  the increased environmental and social costs of economic activity 
C)  the decreased environmental and social costs of economic activity 
D)  the failure to include the depreciation of natural capital and ecosystem services 
A)  increased education, better social programs, and overall reductions in crime 
B)  the increased environmental and social costs of economic activity 
C)  the decreased environmental and social costs of economic activity 
D)  the failure to include the depreciation of natural capital and ecosystem services

Question 14

Read the following scenario, and answer the questions below.
As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil (which would take 1 year to extract) is estimated to be worth $10 million in today's market.
-The money made on the oil would be worth approximately after 10 years if it were immediately extracted and the proceeds were immediately invested at an annual interest rate of 7%.

Accepted Answer

A)  $10.7 million 
B)  $10 million 
C)  $17 million 
D)  $20 million 
A)  $10.7 million 
B)  $10 million 
C)  $17 million 
D)  $20 million

Question 15

Which of the following indices is most likely to increase as a result of people spending money to rebuild or relocate after a hurricane wipes out their town?

Accepted Answer

A)  GNH 
B)  BLI 
C)  GPI 
D)  GDP 
A)  GNH 
B)  BLI 
C)  GPI 
D)  GDP

Question 16

is the difference between the cost to produce a product and its price in the marketplace.

Accepted Answer

A)  Discount rate 
B)  Economic value 
C)  Profit 
D)  Demand 
A)  Discount rate 
B)  Economic value 
C)  Profit 
D)  Demand

Question 17

Both the gross domestic product (GDP) and genuine progress indicator (GPI) can be used as a measure of the wealth of a nation. Explain the difference between the GDP and GPI.

Accepted Answer

GDP is the total value of goods and serv

Question 18

-The intersection of the two lines on the graph represents .

Accepted Answer

A)  the convergence point, which is the point at which the supply and demand curves converge 
B)  the equilibrium point, which is the price at which consumers are willing to pay given the quantity that producers are willing to make 
C)  the convergence point, which is the quantity that consumers will buy when the product costs a certain amount 
D)  the equilibrium point, which is the quantity of product a manufacturer is willing to produce in a declining economy 
A)  the convergence point, which is the point at which the supply and demand curves converge 
B)  the equilibrium point, which is the price at which consumers are willing to pay given the quantity that producers are willing to make 
C)  the convergence point, which is the quantity that consumers will buy when the product costs a certain amount 
D)  the equilibrium point, which is the quantity of product a manufacturer is willing to produce in a declining economy

Question 19

The GDP of the United States _.

Accepted Answer

A)  includes a positive adjustment for parenting, volunteerism, and health and wellness. 
B)  has decreased dramatically since 1950 
C)  increases when resource extraction and consumption increase 
D)  is far below that of the rest of the world 
A)  includes a positive adjustment for parenting, volunteerism, and health and wellness. 
B)  has decreased dramatically since 1950 
C)  increases when resource extraction and consumption increase 
D)  is far below that of the rest of the world

Question 20

Externalities include .

Accepted Answer

A)  the costs of raw materials 
B)  worker's compensation and insurance 
C)  wages 
D)  the costs of environmental damage 
A)  the costs of raw materials 
B)  worker's compensation and insurance 
C)  wages 
D)  the costs of environmental damage

GPI is an acronym for .

Which of the following is a tenet of conventional economic theory?

The GDP includes all of the following in its measures of economic growth except .

-This graph illustrates .

Rocky Mountain National Park is one of the most visited national parks in the United States. Economic consideration of the value of the park would include consideration of the tourism created by the existence of the park. The value of this kind of tourism would be considered a(n) value of the park.

Describe how the laws of supply and demand combine to dictate the price of a product.

Discount rates are used to determine the .

-Examine the trends in the GDP and GPI. The GPI has remained fairly level because of .

Which of the following indices is most likely to increase as a result of people spending money to rebuild or relocate after a hurricane wipes out their town?

is the difference between the cost to produce a product and its price in the marketplace.

Both the gross domestic product (GDP) and genuine progress indicator (GPI) can be used as a measure of the wealth of a nation. Explain the difference between the GDP and GPI.

-The intersection of the two lines on the graph represents .

The GDP of the United States _.

Externalities include .

The Science of Sustainability

Environmental Policy

Economics and Values

Biodiversity and Evolution

Populations and Communities

Ecosystems and Biomes

Biogeochemical Cycles

Freshwater

Oceans

Climate

Human Populations

Land Use

Agriculture

Solid and Hazardous Waste

Human Health and the Environment

Energy Use

Nonrenewable Energy

Renewable Energy

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Exam 9: Atmosphere and Air Pollution

GPI is an acronym for .

Which of the following is a tenet of conventional economic theory?

The GDP includes all of the following in its measures of economic growth except .

-This graph illustrates .

Rocky Mountain National Park is one of the most visited national parks in the United States. Economic consideration of the value of the park would include consideration of the tourism created by the existence of the park. The value of this kind of tourism would be considered a(n) value of the park.

Describe how the laws of supply and demand combine to dictate the price of a product.

Discount rates are used to determine the .

-Examine the trends in the GDP and GPI. The GPI has remained fairly level because of .

Which of the following indices is most likely to increase as a result of people spending money to rebuild or relocate after a hurricane wipes out their town?

is the difference between the cost to produce a product and its price in the marketplace.

Both the gross domestic product (GDP) and genuine progress indicator (GPI) can be used as a measure of the wealth of a nation. Explain the difference between the GDP and GPI.

-The intersection of the two lines on the graph represents .

The GDP of the United States _.

Externalities include .

The Science of Sustainability

Environmental Policy

Economics and Values

Biodiversity and Evolution

Populations and Communities

Ecosystems and Biomes

Biogeochemical Cycles

Freshwater

Oceans

Climate

Human Populations

Land Use

Agriculture

Solid and Hazardous Waste

Human Health and the Environment

Energy Use

Nonrenewable Energy

Renewable Energy

Science Fundamentals

Filters